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Egyptian Loan Program Review Postponed by IMF Experts: Chairman of Plan and Budget Committee

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The International Monetary Fund Postpones Review of Egyptian Loan Program

The Chairman of the Plan and Budget Committee of the Egyptian House of Representatives, Fakhry El-Feki, announced that the first review of Egypt’s loan program by the International Monetary Fund (IMF) has been postponed. The review was originally scheduled to take place in September this year, but it has now been rescheduled to coincide with the annual meeting of the Fund and the World Bank in Morocco from October 9 to 15.

Background on the Loan Program

The Executive Board of the IMF approved a loan of three billion dollars for Egypt last December. The loan is part of a 46-month agreement and aims to support Egypt’s economic reform program. Egypt has already received the first payment of $347 million, and the remaining payments will be received based on the results of checks conducted by the IMF’s experts.

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Government’s Efforts to Attract Investment

Egyptian Prime Minister Mostafa Madbouly recently announced a list of 32 companies and banks that the government plans to offer to investors within a year. The Finance Minister, Mohamed Maait, has set a target of ten billion dollars in net foreign direct investment for the current fiscal year, an increase from the previous year’s $8.6 billion.

IMF Reviews of Egypt’s Economy

According to a document published by the IMF, its experts will conduct two annual reviews of Egypt’s economy until September 2026, for a total of eight reviews. The first and second reviews will now be discussed together during the upcoming meeting in Morocco.

Source: Cairo 24

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